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20121202
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balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer confidence.
on the wealthiest individuals and the economy grew at its fastest rate in a generation. it added more than 22 million jobs. during the following eight years, the top marginal rate dax tax rate was lower, but economy never regained its strength from the reviews decade. middle-class families are vulnerable when the recession began at the end of 2007. i hope this hearing is helpful not just in this hearing, but across this country to people who are watching and waiting for congress to act. i will say more at the end about some of our members who are leaving. it is -- it has been an honor for me to serve as chairman of this committee and also served with my friend, kevin brady, as vice chair. he has been great to work with. i hope there'll be bipartisan success in congress. i look forward to working with him as i change seats in the senate for the next congress. i am grateful to our witnesses, whom i will introduce. before i do that, opening statements. >> i think the chairman for the recognition. this is the concluding hearing from the 112th congress. ,'m behalf of the vice chair kevin brady, on
of the economy right now. the idea that there is this diagnosis that, it is too bad you people are not employed, you people do not have the right skills, there is no evidence that is going on. host: jim on the republican line, from maine. caller: i thank unemployment is probably a good thing, but when you expanded too far, it put a really heavy burden on the employers. as one lady called in on the last segment, the state she was from is obviously much higher than made is, but when it gets to a point that your state system goes broke, they put fees on the employer, and they cannot afford to pay the rates. host: mr. tanner? guest: the unemployment tax is generally under 1% even when you include the match that goes into the extended benefits. we're already running in federal debt more than 100% of gdp. once you get over 60% to 70% of gdp, that begins to slow economic growth. we are costing jobs. that is because that money is -- players are looking down the road and saying they're going to have to pay more in the future. we simply cannot afford to spend money, especially we do not have, and still e
market. it is just going to affect the economy the same as gas prices or food prices going up on the poor and middle class. life will go on. just like life has gone on for the rest of the united states of america. but right now, i think the state of politics is very sad because they're seen -- there seems to be more of a game to be played and positions, one party having the upper hand over the other. not much is going to get done. and you have too many extremes on each side to make things a lot more difficult to run. and it makes it difficult on the president as well. i'm optimistic that the president got reelected, but pessimistic on anything really changing. have leased, anytime soon. -- at least, any time soon. host: and talking about actual change, if there will be a difference on january 1st or otherwise, in terms of taxes, politics, the fiscal cliff, john mckinnon, are any of these expiring? as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deductions on the chopping block unle
forward, helping us revive this economy. we don't want to set them back. and so why not do what the senate did several months ago in passing a bill bipartisanly that protects the middle class from seeing their taxes raised? we only need a few dozen republicans, quite honestly, to get that done because we're about to sign a discharge petition that we are going to declare as democrats that we are ready to plass the middle class tax protection act which will make sure that middle-class families do not watch their taxes go up simply because republicans are intent on protecting millionaires and billionaires and are holding middle-class families hostage to that increasing tax. we believe we can end december, certainly before the holidays on a really good note, maybe still having some disagreement but at least let's agree that we're not going to let the american people watch congress play this game of chicken right before the holidays where the american people are the hostages when we know that we have bipartisan agreement on protecting the middle class. and so we are thrilled that mr. walz has t
group and give to the other. some say go to the clinton tax rate. we had a booming economy and creating more jobs. if increasing taxes increases economic activity, why don't we go to a 95% tax rate and then we'll really have a booming economy? the reason that no one proposes that is because no one really believes that. that's why the accelerated tax rate that's being recommended by the white house is also being proposed by another stimulus plan, a spending plan. here's the example that i can talk about with this. when people talk about just raise taxes in the upper 2%, well, here's an example of what's being proposed by the president. capital gains will go to 28.3%. dividends will go from 15% to 43.4%. now, i have a lot of people that will say to me, just raise it on the upper bracket. but when i tell them, can i tell you what that means? their taxes go from 15% to 43.4%, i have yet someone stop me and say, that's fair. it sounds so much easier to say, raise it on someone else, not on us. we have to solve the problem. just raising taxes doesn't solve the problem. we're spending $1 trill
are the impediments to that? we have an economy that aren't creating enough of those middle-class jobs and we don't have enough people with skills to do those jobs and there are a lot of people that fall into those categories. access to education and the impediments i faced in my own life to education and how impossible it would have been for us to go to college if there weren't pell grants and student loans. it's the social realities and social changes that have occurred. you can't separate economic well-being from their social well-being. there are many young kids in america that are growing up in difficult circumstances raised by heroic parent, a grandmother in substandard housing, poor nutrition and schools that are failing. those kids are going to struggle. they don't go to after-school activities because the paints can't afford the fees. can you succeed? there are parents out there doing amazing things and will be the first ones to tell you, it is hard, but we can't be the country we need to be if we don't address that. government can have a role but civil society has a bigger role and we s
with what our expectation is in terms of how the economy is going to perform and what will happen to the trajectory of house prices. in an environment where the economy is strong, house prices in most markets are, at worst, flat, generally rising. i would agree that borrowers will be accumulating down payment, reasonably steady income. the risks of default are manageable, covered with in the premiums. the problem is we feel we are in an environment of slower economic growth. there is not a lot of when under the sales, which means that the possibility that you can have recession is more likely because you're starting from a lower growth rate. house prices may be on a much flatter trajectory. then it is a question about whether the low down payment program is necessarily the best, even for the borrower. when you factor in -- and here is where downpayment does matter, because it is the culmination of a bar or -- the combination of a borrower, that is the determination of whether you get a default. the possibility that house prices decline in your market. house prices are very sensiti
. in conclusion, the bill will benefit our nation's economy by helping american innovators and businesses better protect their inventions overseas. i urge my colleagues to support the legislation, and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from texas. mr. smith: mr. speaker, we have no other speakers on this side. i yield back the balance of my time as well. the speaker pro tempore: the gentleman yields back. the question is will the house suspend the rules and pass senate 3486. those in favor will signify by saying aye. those opposed, no. in the opinion of the chair, 2/3 having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from texas seek recognition? mr. smith: mr. speaker, i move that the house suspend the rules and pass s. 2367, the 21st century language act of 2012. the speaker pro tempore: the clerk will report the title of the bill. the clerk: senate 2367, an act to strike the word lunatic from
as anyone. i have sales for wal green's and cvs. that's tough to do in today's economy. $10,000. so that's why it's so interesting. look out here. of the -- almost 21 million tax returns filed, only 14 of them ended up having a tax associated with them, 425,000 were itemized. now i want you to think about that, mr. speaker. you know, most americans don't itemize on their taxes. they have the standard exemption, the standard deduction. most americans take that. even homeowners. of course, the mortgage interest deduction is the largest itemized deduction that most american families take followed by the charitable deduction. but most american families don't itemize at all. so you have to ask yourself, mr. speaker. who are the folks who are reporting under $10,000 a year in income who are doing all this itemizing? it's about 30-1. even down here among the richest of americans, mr. speaker, it's 1-1. 30-1. folks are gaming this tax code, gaming this tax code to participate not at all in the funding of our government. and when we get together here to try to think about how we take care of the
have quit taking the economy with it. providing the backstop for mortgage credit when public services flee from the market has a cost. the losses at f.h.a. to stem from the new now prohibited down payment program, heavy losses in the first mortgage program, and losses -- loans made at the height of the crisis to prevent a collapse of the housing market. while they have already taken action to pretext the financial mortgage fund for single family loans from seeking federal funds, the f.y. 2012 report suggests that much more needs to be done to prevent such a draw. i want to hear more today about the administration's actions and proposals to minimize the risk to taxpayers stemming from their business and what safeguards are in place to ensure the quality and sustainability of the program. if the administration's actions and proposals will not be sufficient to restore f.h.a.'s fiscal health, i'm inclined to work with my colleagues on both sides of the aisle on the banking committee to find a bipartisan way to make shoo -- that happen. before i turn to ranking member shelby, i want to rec
business with key sectors in the iranian economy, with energy and ship building and shipping and the ports, this amendment that would shut down businesses that are involved in sectors which fund the proliferation activities of iran and that regime is crucial. in addition, the amendment is going to prohibit business with all designated persons connected to the iranian government. it bans trades and commodities used in these key sectors and used to stop iran from receiving payment in gold or using oil payments in local currency then to buy gold and we have to stop an effort to water down these sanctions. i say that because i remember the votes in the past. i remember our effort on the central bank. it was only because we got unanimous votes because we got so much support that we were able to deploy those. but let me add that there is another portion of the amendment here that targets the regime for their human rights abuses. and i think one of the areas where we've been short, for those of you who have talked to to those in the prison there and experienced the torture, who have seen the murd
, that are gravely benefiting from the skewed balance of the economy in the current situation. i just want to give one example of one of the many, many things that could be done. there's one thing we all understand in this room which is corporate responsibility. it's not just a company that gets fined or the bank. but it's also senior manage; the people who were actually personally responsible for the bad decisions. we have sanctioned hundreds of iranian companies, but most of the ceos and the senior managers of those companies, who are often times -- because we identified the link -- members or former members of the revolutionary guard. the senior manager, ceos, former revolutionary guard, and they are not sanctioned, free to travel, and free to have bank accounts in malaysia and switzerland and all the places where they're still able to move about. we should go after them as well and make it known the iranians that our sanctions are not going after ordinary people but after the regime. >> i'd like to open it up to questions from the audience. we have 25 minutes left. and please, when i call on y
Search Results 0 to 12 of about 13